If there is no first ballot win, then delegates are released from their obligations and can vote for anyone. The party-designated candidate would then be able to wheel and deal his way to an eventual majority.
The party establishment would hope the conservatives, cheated out of an honest process, would go away, splinter off, do whatever, but leave the GOP to quietly play its historic go-along-to-get-along game with their big brother 'rats.
Only in some states. In other states, the delegates are bound thru two ballots.